On December 8, 2025, Magnum Ice Cream Company, the world's largest ice cream manufacturer, debuted simultaneously on stock exchanges in Amsterdam, London, and New York, achieving a market capitalization exceeding 64 billion RMB on its first trading day.
The company, spun off from Unilever PLC, commanded a 21% global market share in 2024 with five internationally popular brands including Magnum, Wall's, and Cornetto. CEO Peter Terkulve stated: "As an independent public company, we'll be more agile, focused, and ambitious than ever."
This spin-off represents one of Unilever's most significant strategic moves in recent years. After nearly two years of preparation, the separation was finalized in December 2025. Under Unilever's March 2024 restructuring plan, the ice cream division was divested due to limited synergy with core operations. Though contributing 13% of group revenue, the segment's profitability trailed corporate average by 400-500 basis points.
The capital-intensive nature of ice cream operations became particularly burdensome, accounting for 22% of Unilever's total capital expenditure in 2024 despite lower revenue contribution. Terkulve emphasized: "Independence grants us strategic freedom." Post-spin-off, Unilever retains approximately 19.9% stake in Magnum for up to five years, preserving collaboration opportunities in supply chain and R&D.
The listing coincides with industry headwinds. Health-conscious trends are driving 8% growth in low-sugar, additive-free products while traditional high-sugar offerings slow. Simultaneously, costs are rising—PET packaging prices increased 8% and cold chain logistics expenses grew 5%, squeezing industry margins.
Magnum maintains leadership through its global footprint and brand portfolio spanning Wall's, Magnum, Cornetto, and Ben & Jerry's, supported by nearly 3 million freezers worldwide. Financials show 2024 revenue of 7.9 billion EUR (≈66.6 billion RMB) with adjusted EBITDA of 1.3 billion EUR. H1 2025 revenue grew to 4.503 billion EUR from 4.394 billion EUR.
Post-spin-off, Magnum launched a 500 million EUR efficiency program targeting supply chain optimization (projected 350-380 million EUR savings), organizational restructuring (removing one management layer across 23 autonomous markets), and technology upgrades (30-50 million EUR savings through ERP consolidation).
China presents both opportunity and challenge. Magnum holds 11% market share (second overall), with Cornetto and Magnum ranking fourth and fifth respectively. H1 2025 China revenue reached 270 million EUR, but domestic rivals are gaining ground—Yili's frozen dessert sales grew 12.39% to 8.229 billion RMB, while Mengniu's ice cream business expanded 15% to 3.88 billion RMB.
Market polarization is evident: health-focused premium products grow over 12% annually in tier-1/2 cities, while value-conscious lower-tier markets favor 3.5-4.5 RMB local offerings. In response, Magnum is expanding into foodservice channels, with Wall's commercial tubs appearing on social media. The company may establish a dedicated team reporting directly to Unilever China's CEO.
Product innovation is accelerating—2025 saw record China launches including unconventional "Brownie Cake Ice Cream," spanning multiple price points. Market trends show demand for cross-category flavor innovations, with new products launching earlier to capture attention.
Magnum targets 3-5% annual organic sales growth from 2026, with 40-60 basis point annual EBITDA margin improvement. The company aims for 800 million-1 billion EUR annual free cash flow by 2028-2029. In China, it will pursue premiumization while considering local acquisitions and digital differentiation.
At its Taicang factory, automated lines fill molds with ice cream mix destined for millions of Chinese freezers. As its global freezer network expands 2% annually, the newly independent giant is charting its course. Terkulve acknowledges: "China may be the world's most competitive ice cream market." Between premium offerings and value products for lower-tier cities, Magnum seeks equilibrium beneath its 64 billion RMB valuation.
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